Melbourne: Victoria’s economy is booming with state final demand (SFD) growth the strongest in the nation at 4.7 per cent over the year to September 2017.
The new data released by the Australian Bureau of Statistics (ABS) on December 6 shows that, nationally, domestic final demand was just 3.2 per cent for the same period.
Over the year, household consumption and public investment in Victoria had the highest growth in the nation, with public investment up 19.4 per cent, an official press release said.
The ABS outcome is a direct result of the Andrews Labor Government’s unprecedented infrastructure program, which is creating tens of thousands of jobs and boosting confidence across Victoria.
In the year to September 2017, Victoria piled on more than 114,000 new jobs, with almost 80,000 of those jobs full time.
The strong data is in direct contrast to the limp growth seen under the former Liberal Government, when SFD averaged under two per cent per year.
Since the Labor Government was elected, SFD growth has averaged 4.4 per cent.
Quarterly growth in Victoria’s state final demand was also driven by business investment – up 5.7 per cent – echoing yesterday’s ABS Goods and Services export data, which showed a 10.6 per cent annual boost, taking total Victorian exports to almost $50 billion.
In more positive news, the Real Estate Institute of Australia reported today that housing affordability in Victoria has improved, while the number of loans to first home buyers increasing by 32.2 per cent in the quarter, coinciding with the Labor Government’s cuts to stamp duty for first home buyers.
The exceptional results are further bolstered by recent ABS data that showed the total value of Victorian building approvals was up 67.2 per cent over the year.
This is the second biggest annual increase among Australian states and far outstrips the national increase of 26.2 per cent during the same period.
Treasurer Tim Pallas said, “This rounds out another stellar year for the Victorian economy and shows that this Government is taking action where it matters – driving job creation, boosting business conditions and building transformative infrastructure. As we continue to invest in Victoria’s future prosperity, we’re creating economic momentum and thousands of jobs for Victorians, with more than 266,000 new jobs created since we were elected.”